National Republican., 1887-08-08
SECRETARY FAIRcuILD's OFFER
How It is Viewed by the Leadiog
Papers of the Country.

Philadelphia Record The insiuuation OF
readiness to serve Wall street on the pare
of the Secretary is wholly gratuitous. Sec
retary Fairchild is not acting from choice n
this matter, but from necessity. His I'm
mediate predecessors In Office, Secretaries
Manning, McCulloch, and Folger, all gave
warning OF this condition Of affairs in the,
reports. They all urged upon Congress
reduction Of taxation upon materials OF
production and articles Of necessity, both
for the relief Of taxpayers and for the pre-
vention OF dangerous accumulatiDns of
public money. But the ohstructionists IN
ConGress treated their warnings with con
tempt.
Tie result OF this obstinate refusal to re-
duce needless accumulations Of revenue IA
row apparent. The Secretary of the
Treasury has been obliged to appeal to the
public creditors to accept the interest on
their bonds IN advance OF time Of payment,
with slight rebate, IN order that the sur
plus money may be returned to the arteries
Of trade. Even this remedy, should the
holders OF the debt heartily cooperate
with the Secretary, will not be adequate
for the relief of the treasury. The treas
ury surplus before the close Of the hscal
year will probably reach 500 100000. The
total interest on the public debt on which
the quarterly pay ments may be anticipated
| Tor few months will amount TO less than
| $50, ,0OO000 and the requirements OF bonls
'cr the sinking fund to about S26 900, ,0OO.
The measures OF Secretary Fairchild, even
If successful, will only be OF palliatory ma
| tlre. He is doing as best he can with the
| powers conferred upon him by the law.
| The rest will be fer Congress at its meeting
| in December.
New York Times: Yesterday there was a
| large and general advance in the price OF
| stocks. The advance ranged from three
| fourths Of l per cent. to per cent, and
verSbody attributed this joyful condition
| Of the market to the announcement OF the
| treasury policy. When 1t is soberly consld-
| cred, however, 1t must be seen that the Offer
| made by Secretary Fairchild is one which
| the holders Of bonds will not be likely u
| accept to any considerable extent. Those
| who do accept II must lose 9 par cent OF
| the interest due them, and take for theii
bonds whstever price the Secretary may SEE
TT to pay, which, we may be sure, will not
| be so far IN advance of the price III tn,
| open market as to lead to large sales, TOT
truth is that the holders Of bonds will b.
| better of, or most of them will be, to avail,
| the Ordinary time Of Interest payment and
| and redemption, and the needs Of the
street" can he met, as they have been me-
in the past, by other means than tn C sale o
government bonds.
Nevertheless, the secretary's announce
mept serves useful purpose. 1t make
the street feel easy, which greatly curtai!
its power for mischief, and it does aifor,
the oppItunitl, in the event Of threatened
panic of procuring ready cash in an
ueeded amount.
Philadelphia Press: Secretary FairchIld
by his offer to prepay Interest, to say moth
ing Of bis call for bids on the A per cent
bonds, has wiped out all risk of strlngenc
from the accumulation of funds in tn
treasury until Congress meets but whel
Congress assemblies the reduction in reyenu
made must be vigorous, immediate, aud W
hositating or February and March next wi
see worse accumulation than ever.